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Clal Insurance Enterprises Holdings Ltd. (CLIS) Report Analysis

Corporate Events

Positive

Pyramid Analytics BV announced that it has rece...

2022-05-09 00:00:00

Pyramid Analytics BV announced that it has received $120,000,000 in a round of funding led by new investor H.I.G. Growth Partners, LLC on May ...

Positive

Clal Insurance Enterprises Holdings Ltd. (TASE:...

2022-04-11 00:00:00

Clal Insurance Enterprises Holdings Ltd. (TASE:CLIS) signed a memorandum of understanding to acquire remaining 91% stake in Max IT Finance Ltd...

Neutral

Clal Insurance Enterprises Holdings Ltd., Q4 20...

2022-03-31 00:04:00

Clal Insurance Enterprises Holdings Ltd., Q4 2021 Earnings Call, Mar 31, 2022

Neutral

Clal Insurance Enterprises Holdings Ltd., Q3 20...

2021-11-26 00:07:00

Clal Insurance Enterprises Holdings Ltd., Q3 2021 Earnings Call, Nov 29, 2021

Neutral

Clal Insurance Enterprises Holdings Ltd. to Rep...

2021-11-26 00:07:00

Clal Insurance Enterprises Holdings Ltd. announced that they will report Q3, 2021 results on Nov 29, 2021

Positive

Blue White Robotics Ltd announced that it has r...

2021-09-23 00:00:00

Blue White Robotics Ltd announced that it has received $37,000,000 in a round of funding co-led by new investor Insight Venture Management, LL...

Neutral

REE Automotive Ltd. has closed its Shelf Regist...

2021-08-30 00:00:00

REE Automotive Ltd. has closed its Shelf Registration dated August 20, 2021 in the amount of $336.926859 million. Security Name: Class A Or...

Neutral

Clal Insurance Enterprises Holdings Ltd., Q2 20...

2021-08-21 00:00:00

Clal Insurance Enterprises Holdings Ltd., Q2 2021 Earnings Call, Aug 22, 2021

Neutral

Clal Insurance Enterprises Holdings Ltd. to Rep...

2021-08-21 00:00:00

Clal Insurance Enterprises Holdings Ltd. announced that they will report Q2, 2021 results on Aug 22, 2021

Neutral

REE Automotive Ltd. has filed a Shelf Registrat...

2021-08-20 00:00:00

REE Automotive Ltd. has filed a Shelf Registration in the amount of $388.851856 million. Security Name: Class A Ordinary Shares Securities...

Positive

Silk Technologies Inc. announced that it has re...

2021-07-07 00:00:00

Silk Technologies Inc. announced that it has received $55 million in series B round of funding led by returning investor S Capital on July 7, ...

Positive

Clal Insurance Enterprises Holdings Ltd. comple...

2021-06-28 00:00:00

Clal Insurance Enterprises Holdings Ltd. agreed to acquire a 49% stake in Park Plaza London Riverbank and the art’otel london hoxton developme...

Positive

Pyramid Analytics BV announced that it has received $120 million in funding from a group of investors

2022-05-09 00:00:00

Pyramid Analytics BV announced that it has received $120,000,000 in a round of funding led by new investor H.I.G. Growth Partners, LLC on May 9, 2022. The transaction included participation from new investors, Clal Insurance Enterprises Holdings Ltd., Kingfisher Capital, LLC, General Oriental Investments SA, existing investors Jerusalem Venture Partners, Maor Investments, Sequoia Capital Operations LLC, and Viola Growth. As a part of the transaction, Scott Hilleboe from H.I.G. Growth Partners, LLC will join the company's board of directors. The company has raised $211,000,000 in funding till date. The round is raised at a post-money valuation of $1,000,000,000.

Positive

Clal Insurance Enterprises Holdings Ltd. (TASE:CLIS) signed a memorandum of understanding to acquire remaining 91% stake in Max IT Finance Ltd from Warburg Pincus LLC, Menora Mivtachim Holdings Ltd (TASE:MMHD), Allied Group and employees and various consultants for ILS 2.47 billion.

2022-04-11 00:00:00

Clal Insurance Enterprises Holdings Ltd. (TASE:CLIS) signed a memorandum of understanding to acquire remaining 91% stake in Max IT Finance Ltd from Warburg Pincus LLC, Menora Mivtachim Holdings Ltd (TASE:MMHD), Allied Group and employees and various consultants for ILS 2.47 billion on April 11, 2022. Of the total acquisition price, part will be paid as structured finance, so that the net consideration will be ILS 1.6 billion. The sides have also agreed that 30% of the consideration will be paid to the existing shareholders in Max in the form of an allocation of shares in Clal Insurance Enterprises Holdings. Alongside Warburg Pincus, which holds 70% of Max, Clal itself is the second largest shareholder together with Menorah Mivtachim, with 9% each. Allied holds 5%, and the remaining shares are held by the employees and various consultants. Clal Insurance has raised some ILS 500 million in an equity offering, and some of that cash will be used to acquire Max. Assuming that the deal is completed, Max will be a subsidiary of Clal Insurance Enterprise Holdings alongside insurance company Clal Insurance. The transaction is subject to the signing of a binding agreement and receipt of the requisite regulatory approvals from the Bank of Israel and the Competition Authority.

Neutral

Clal Insurance Enterprises Holdings Ltd., Q4 2021 Earnings Call, Mar 31, 2022

2022-03-31 00:04:00

Clal Insurance Enterprises Holdings Ltd., Q4 2021 Earnings Call, Mar 31, 2022

Neutral

Clal Insurance Enterprises Holdings Ltd., Q3 2021 Earnings Call, Nov 29, 2021

2021-11-26 00:07:00

Clal Insurance Enterprises Holdings Ltd., Q3 2021 Earnings Call, Nov 29, 2021

Neutral

Clal Insurance Enterprises Holdings Ltd. to Report Q3, 2021 Results on Nov 29, 2021

2021-11-26 00:07:00

Clal Insurance Enterprises Holdings Ltd. announced that they will report Q3, 2021 results on Nov 29, 2021

Positive

Blue White Robotics Ltd announced that it has received $37 million in funding from Insight Venture Management, LLC, Entrée Capital Limited, Clal Insurance Enterprises Holdings Ltd., Peregrine Ventures Management Ltd., Regah Ventures and another investor

2021-09-23 00:00:00

Blue White Robotics Ltd announced that it has received $37,000,000 in a round of funding co-led by new investor Insight Venture Management, LLC and returning investor Entrée Capital Limited on September 23, 2021. The transaction also included participation from Clal Insurance Enterprises Holdings Ltd., Jesselson Family Office, Peregrine Ventures Management Ltd. and Regah Ventures. The company has raised $50,000,000 in funding till date.

Neutral

REE Automotive Ltd. has closed its Shelf Registration dated August 20, 2021 in the amount of $336.926859 million.

2021-08-30 00:00:00

REE Automotive Ltd. has closed its Shelf Registration dated August 20, 2021 in the amount of $336.926859 million. Security Name: Class A Ordinary Shares Securities Offered: 39,041,351 Security Name: Warrants Securities Offered: 5,500,000

Neutral

Clal Insurance Enterprises Holdings Ltd., Q2 2021 Earnings Call, Aug 22, 2021

2021-08-21 00:00:00

Clal Insurance Enterprises Holdings Ltd., Q2 2021 Earnings Call, Aug 22, 2021

Neutral

Clal Insurance Enterprises Holdings Ltd. to Report Q2, 2021 Results on Aug 22, 2021

2021-08-21 00:00:00

Clal Insurance Enterprises Holdings Ltd. announced that they will report Q2, 2021 results on Aug 22, 2021

Neutral

REE Automotive Ltd. has filed a Shelf Registration in the amount of $388.851856 million.

2021-08-20 00:00:00

REE Automotive Ltd. has filed a Shelf Registration in the amount of $388.851856 million. Security Name: Class A Ordinary Shares Securities Offered: 39,041,351 Security Name: Warrants Securities Offered: 5,500,000

Positive

Silk Technologies Inc. announced that it has received $55 million in funding from a group of investors

2021-07-07 00:00:00

Silk Technologies Inc. announced that it has received $55 million in series B round of funding led by returning investor S Capital on July 7, 2021. The transaction also involved participation from returning investors Pitango Venture Capital, Globespan Capital Management, LLC, Ibex Investors LLC, Sequoia Capital Israel Ltd., Vintage Ventures Advisors Ltd., and new investors, Clal Insurance Enterprises Holdings Ltd., Poalim Ventures Ltd., Meitav DASH Investments Ltd, and Menora Mivtachim Holdings Ltd.

Positive

Clal Insurance Enterprises Holdings Ltd. completed the acquisition of 49% stake in Park Plaza London Riverbank and the art’otel london hoxton development from PPHE Hotel Group Limited.

2021-06-28 00:00:00

Clal Insurance Enterprises Holdings Ltd. agreed to acquire a 49% stake in Park Plaza London Riverbank and the art’otel london hoxton development from PPHE Hotel Group Limited for approximately £110 million on June 24, 2021. The total price paid by Clal in connection with the transaction amounts to £113.7 million in cash and a further cash injection of £12.1 million to fund their portion of the remaining equity commitments of the art’otel london hoxton development project. This consideration, taking into account existing bank debt and remaining development costs, is based on a £263 million property valuation for Park Plaza London Riverbank and an all in development budget cost of £279.3 million for the art’otel london hoxton project. Clal will also be granted 5 million share appreciation rights (‘SAR’) to have a value upside if the gap between the Group’s latest reported EPRA NAV and its’ current market price narrows over the maturity period. The transaction is expected to complete on or before 30 June 2021. Clal Insurance Enterprises Holdings Ltd. completed the acquisition of 49% stake in Park Plaza London Riverbank and the art’otel london hoxton development from PPHE Hotel Group Limited.

Fundamental Summary

Looking at Clal's financials of Q1 reflected unimpressive, mediocre results. Its income, value, and income factors all individually appear positive and give support for optimism regarding the likelihood of continued positive performance. As such, Clal received an overall score of 71 and a HOLD recommendation.

Clal reported earnings results for the first quarter ended March 31, 2022. For the first quarter, the company reported revenue was ILS 2,849.56 million compared to ILS 6,356.26 million a year ago. Net income was ILS 384.38 million compared to ILS 239.67 million a year ago. Basic earnings per share from continuing operations was ILS 5.27 compared to ILS 3.54 a year ago. Diluted earnings per share from continuing operations was ILS 5.16 compared to ILS 3.54 a year ago.

Business Description

Clal provides insurance services in Israel. It operates through three segments: Long-Term Savings, Non-Life insurance, and Health Insurance. The Long-Term Savings segment offers life insurance products and accompanying coverages; long-term savings for various insurance policies, and pension and provident funds, including study funds; and insurance coverage for various risks, such as death, disability, loss of working capacity, and health insurance policies. The Non-life Insurance segment offers third party, employers’, professional, and product liability insurance products; credit and foreign trade risks; and property, motor, personal accident, and other insurance products, as well as guarantees. The Health Insurance segment provides long-term care, medical expenses, surgeries, transplants, personal accidents, international travel, dental, foreign workers, and other insurance products. Clal was incorporated in 1987 and is based in Tel Aviv-Yafo, Israel.

Sector Overview

Clal is included in the Insurance according to GICS (global industry classification standard). The Interactive Media & Services industry is part of the Communication Services sector. It includes companies that create or distribute content and information through proprietary platforms, with revenue generated primarily through pay-per-click ads (i.e. search engines, social media and networking platforms, online classifieds, and online review companies). Clal's industry and sector affiliation are expected to negatively affect their likelihood to overperform the market in the upcoming period, as other sectors appear more likely to benefit from the macroeconomic environment we see now.

Fundamental Highlights


Parameter Value Change Score
Assets 145,459.3 -0.0% 70
Liabilities 136,956.1 -0.6% 63
Price to Book 0.6 -18.5% 74
Cash & Equivalents 13,548.1 -4.0% 65
Equity 8,440.6 9.3% 40
EBITDA 2,040.4 12.8% 76
Total Revenues 21,473.5 -14.0% 96
Parameter Value Change Score
Return on Equity 16.1 5.0% 81
Net Cashflow 4,832.7 -29.9% 47
Capital Expenditure -31.0 -0.8% 60
Asset Turnover 0.2 -15.6% 40
Free Cashflow 61.2 -39.7% 88

* All values are TTM

The below chart reflects Clal's birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While Clal's peer average final assessment score stands on 69.0, Clal's score is 71.

  •  CLIS
  •  Peers average
Name Market Cap Balance Sheet Income Statement Cash Flow Rating Final Assessment mc_sort Hidden
The Phoenix Holdings Ltd. 9.2B 60 85 51
Hold
69
69 0 1
Harel Insurance Investments & Financial Services Ltd 7.5B 60 86 68
Hold
74
74 1 1
Migdal Insurance and Financial Holdings Ltd. 5.6B 77 87 47
Buy
81
81 2 1
Menora Mivtachim Holdings Ltd 4.2B 68 80 51
Hold
72
72 3 1
I.D.I. Insurance Company Ltd. 1.4B 50 51 51
Underperform
43
43 4 1

Technical Analysis

When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. Clal's stock is now priced below its 5-day, 50-day, and 200-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is weakening. Historically, this is a negative setup in the near, medium, and long-term. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), Clal's stock doesn't strongly signal being overbought or oversold. Overall, these technical indicators signal negative momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 37.

Bearish 37
Close Price 65.08
52W Low 59.69
52W High 83.4
5D MA 65.29
50D MA 66.84
200D MA 73.27
MACD -0.35
RSI 40.94
STOCH 72.74

Balance Sheet Analysis

Overall, Clal's critical balance sheet metrics appear to signal strong support and a high likelihood of positive growth going forward. Clal publishes impressive results related to book value factors in this report. Specifically, price to book ratio (P/B) now sits at 0.6 and represents a -18.5% change from the previous report. Their industry-leading book value factors momentum reinforces an expectation for future positive momentum for their stock price going forward. Therefore, its book value factors earned a score of 74. Also, Clal assets on their balance sheet, moved to 145459.3, which is a -0.0% change from the last period. This performance is interesting in comparison to its peers and competitors. Consequently, their asset movement received a grade of 70. On the other hand, Equity, jumped out as looking rather underwhelming. Clal management produced disappointing equity metrics this period, which stood at 8440.6, representing a 9.3% change. This parameter often affects companies in the same industry and market capitalization by up to 7.1%. Their equity metrics appear unremarkable relative to their peers. Consequently, their equity movement received a grade of 40. Therefore, we scored its balance sheet a 67.

Parameter Value Change Score
Assets 145,459.3 -0.0% 70
Liabilities 136,956.1 -0.6% 63
Price to Book 0.6 -18.5% 74
Cash & Equivalents 13,548.1 -4.0% 65
Equity 8,440.6 9.3% 40
* All values are TTM

The below chart describes Clal's performance as reflected on its balance sheet with respect to its peers. While Clal received a balance sheet score of 67, the average of its peers stands on 69.0.

  •  CLIS
  •  Peers average
Name Market Cap Liabilities Movement Asset Change Equity/Intangibles Adjustments Cash & Equivalents Book Value Momentum Balance Sheet mc_sort Hidden
The Phoenix Holdings Ltd. 9.2B 73 41 47 75 59 60 0 1
Harel Insurance Investments & Financial Services Ltd 7.5B 72 71 44 55 62 60 1 1
Migdal Insurance and Financial Holdings Ltd. 5.6B 59 38 86 58 81 77 2 1
Menora Mivtachim Holdings Ltd 4.2B 63 45 51 59 75 68 3 1
I.D.I. Insurance Company Ltd. 1.4B 74 76 58 46 46 50 4 1

Income Statement Analysis

Overall, Clal's critical income statement metrics appear to signal strong support and a high likelihood of positive growth going forward. Clal's financials reveal an interesting trend for their revenue efficiency. This characteristic can affect companies in the same industry and market capitalization by up to 2.3%. Their industry-leading revenue efficiency makes a strong case for upward pressure on its's stock price. Consequently, their revenue efficiency received a grade of 96. Also, In this filing, Clal reported a return on equity (ROE) ratio of 16.1, which represents a change of 5.0%. Its return factor metrics are even more remarkable when compared to their peers. The company's return factors (ROA & ROE) components, therefore, received a grade of 81. However, one discouraging result, EBITDA, stood out. Clal's EBIDTA now sits at 2040.4 and represents 12.8% change from the last reporting period. This parameter coud affect companies in the same industry and market capitalization by up to 7.9%. The company's EBITDA metrics highlight a difficult overall financial situation, which may, unfortunately, continue moving forward unless management makes significant changes. Its EBITDA movement, therefore, received a grade of 76. Its income statement, therefore, earned a score of 80.

Parameter Value Change Score
EBITDA 2,040.4 12.8% 76
Total Revenues 21,473.5 -14.0% 96
Return on Equity 16.1 5.0% 81
* All values are TTM

The below chart describes Clal's performance as reflected on its income statement with respect to its peers. While Clal received a income statement score of 80 , the average of its peers stands on 69.0.

  •  CLIS
  •  Peers average
Name Market Cap Revenue Momentum Earning Movement Return Factors Momentum Income Statement mc_sort Hidden
The Phoenix Holdings Ltd. 9.2B 96 77 91 85 0 1
Harel Insurance Investments & Financial Services Ltd 7.5B 95 77 93 86 1 1
Migdal Insurance and Financial Holdings Ltd. 5.6B 97 78 94 87 2 1
Menora Mivtachim Holdings Ltd 4.2B 95 76 81 80 3 1
I.D.I. Insurance Company Ltd. 1.4B 82 58 44 51 4 1

Cash Flow Analysis

Clal's cash flow factors had several troubling metrics this period. Clal's asset turnover numbers were discouraging, reflecting significant concerns related to management's ability to leverage assets to generate sales effectively and efficiently. Clal recorded asset turnover of 0.2, which represents a -15.6% change from the previous report. Companies in the same sector and market capitalization will usually be affected by up to 2.8 percent by this parameter. Their lackluster asset turnover metrics, specifically in contrast to leading industry peers' performance, could present significant headwinds. Correspondingly, their asset turnover movement received a grade of 40. Also, Clal's produced underwhelming cash flow numbers in this filing. Net cash flow was reported as 4832.7, which is a -29.9% change from the last report. As demonstrated by these concerning net cash flow metrics, their priorities seem to be headed in the wrong direction. Hence, their net cash flow earned a score of 47. However, one encouraging metric, Free Cash flow, stood out. Clal's published free cash flow numbers were substantial and reflected management's focus on a healthy change strategy. Clal recorded free cash flow of 61.2, which represents a -39.7% change from the previous report. This parameter coud affect companies in the same industry and market capitalization by up to 9.3%. These free cash flow numbers show that management has executed well while generating cash flow and encouraging growth. Therefore, its free cash flow movement earned a score of 88. Its cash flow, therefore, earned a score of 49.

Parameter Value Change Score
Net Cashflow 4,832.7 -29.9% 47
Capital Expenditure -31.0 -0.8% 60
Asset Turnover 0.2 -15.6% 40
Free Cashflow 61.2 -39.7% 88
* All values are TTM

The below chart describes Clal's performance as reflected on its cash flow with respect to its peers. While Clal received a cash flow score of 49, the average of its peers stands on 67.0.

  •  CLIS
  •  Peers average
Name Market Cap Cashflow Momentum Free Cashflow Growth Capital Expenditure Growth Assets Factors Momentum Cash Flow mc_sort Hidden
The Phoenix Holdings Ltd. 9.2B 58 82 45 39 51 0 1
Harel Insurance Investments & Financial Services Ltd 7.5B 84 45 88 41 68 1 1
Migdal Insurance and Financial Holdings Ltd. 5.6B 49 89 48 39 47 2 1
Menora Mivtachim Holdings Ltd 4.2B 46 92 60 40 51 3 1
I.D.I. Insurance Company Ltd. 1.4B 45 94 51 54 51 4 1

This report is intended for general guidance and information purposes only and under no circumstances is tailored to a specific factor or variable related to its reader or intended to be used or considered as financial or investment advice, a solicitation of any offer, a recommendation, or an offer to sell or buy any securities or other form of a financial asset. For the full disclaimer, click here.